Swiss banks freeze North African dictators money

In a move uncharacteristic of the secretive Swiss banking industry, authorities there have frozen hundreds of millions of dollars belonging to deposed and current North African dictators. Hosni Mubarak, Egypt’s former despot, and Zine el Abidine Ben Aliwere, the former leader of Tunisia had previously had smaller amounts frozen by Swiss and American authorities, along with Mohammed Ghaddafi, who is currently trying to quash the rebellion in Libya.

Swiss authorities are aiming for more transparent policies when it comes to managing foreign money, so this move is seen as largely symbolic. There is no doubt that these corrupt leaders have hidden money elsewhere, but this round of freezes brings to light how very much money is at stake. About $960 million were seized today, yet there are probably tens of billions of dollars hidden in other accounts. Once permanent, viable governments have been established in these countries, there will be a discussion as to whom the money belongs to.

In a move uncharacteristic of the secretive Swiss banking industry, authorities there have frozen hundreds of millions of dollars belonging to deposed and current North African dictators. Hosni Mubarak, Egypt’s former despot, and Zine el Abidine Ben Aliwere, the former leader of Tunisia had previously had smaller amounts frozen by Swiss and American authorities, along with Mohammed Ghaddafi, who is currently trying to quash the rebellion in Libya.

Swiss authorities are aiming for more transparent policies when it comes to managing foreign money, so this move is seen as largely symbolic. There is no doubt that these corrupt leaders have hidden money elsewhere, but this round of freezes brings to light how very much money is at stake. About $960 million were seized today, yet there are probably tens of billions of dollars hidden in other accounts. Once permanent, viable governments have been established in these countries, there will be a discussion as to whom the money belongs to.